Entrepreneurship is like a computer game in which you have to master every level before achieving success. Startups repeatedly stumble and have to go back to the drawing board. The best way to skip some levels and to increase the odds of survival is to learn from others who have already played the game.

The lesson is, because there will be many lemons in life, to learn to make the proverbial lemonade - and be open and honest. That's the best way of doing damage control and positioning yourself for success.

My advice to fledgling entrepreneurs is always the same: build a company that you plan to be with for the next 10 years - that is the best way to increase your chances of success.

I have no doubt that my M.B.A. from New York University's Stern School of Business was one of the best investments I ever made. It helped me climb the corporate ladder and become an entrepreneur.